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Q 1. Which of the following applies to the Canada Pension Plan (CPP)? Select one: a. You will collect more total CPP if you claim

Q 1. Which of the following applies to the Canada Pension Plan (CPP)?

Select one:

a. You will collect more total CPP if you claim it at age 60.

b. It is a tax free benefit.

c. All Canadians are entitled to it.

d. You can apply between the ages of 60 and 70.

Q 2. A holographic will must

Select one:

a. be prepared by a lawyer.

b. be written solely in the handwriting of the testator.

c. be prepared by legal counsel.

d. be witnessed by a notary or lawyer.

Q 3. When considering joint ownership of assets for estate planning (specifically joint ownership with rights of survivorship) it is important to understand

Select one:

a. that capital gains taxes will be deferred on this transaction until the survivor passes.

b. how the spousal roll-over rules will impact capital gains taxation.

c. the implications of giving up your decision making power over the asset.

d. that naming a child as a joint owner of your principal residence will trigger a capital gain.

Question 4

Whole life insurance has a premium that

Select one:

a. declines.

b. is fixed.

c. increases.

d. is variable.

Question 5

The market for newly issued securities and initial public offerings (IPOs) is the

Select one:

a. primary market.

b. initial market.

c. original market.

d. secondary market.

Question 6

What type of insurance is provided over a specified time period and does not build cash value?

Select one:

a. Term

b. Variable life

c. Whole life

d. Universal life

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